Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
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Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
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Healthy alliance: Thai-US partnership to inject vitality into EEC healthcare
A joint venture is underway between Thailand and the United States, aimed at boosting investments within the healthcare and medical sectors in the Eastern Economic Corridor (EEC). This initiative is designed to support healthcare services for both ageing and young populations while promoting targeted industries. Forecasts from the Thai Health Promotion Foundation indicate a rapid growth trajectory for the medical…
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Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
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Thai government launches 300,000 baht loans for self-employed
In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance. This initiative, which offers zero-interest loans for a two-year period, is available until April 30, as announced by Deputy Government spokesperson Karam Phonprakong. The policy, orchestrated under…
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Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
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Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
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Vinfast challenges Chinese targeting Southeast Asia’s EV market
Vinfast, a Vietnamese electric vehicle (EV) producer, is contending with Chinese automobile manufacturers to market its EVs within Southeast Asia, leveraging the ASEAN Free Trade Agreement (AFTA). The firm eyes Thailand as the initial export venue, based on the country’s fast-growing EV market which promises lucrative business opportunities, according to Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).…
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Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
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Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
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Thailand plans to extend minimum wage increases to more regions
Prime Minister Srettha Thavisin announced yesterday that the government intends to extend minimum wage increases to additional regions and business sectors. This follows the wage increase approved for specific parts of 10 provinces set to take effect from April 13. The 62 year old Thai prime minister further commented that regular Cabinet meetings will be conducted to ascertain which regions…
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Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
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Govt bets big on Thai entertainment complex, stakes high
The stakes are high for each venue within the integrated Thai entertainment complex development project by the Government of Thailand, with investments expected to reach over a staggering 100 billion baht. The chairman of the ordinary committee of the House of Representatives and Deputy Finance Minister, Julapun Amornvivat, plans to present the results of a study on entertainment complexes and…
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World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
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Sony sparks economic surge with billion-baht investment in Thailand
Sony Semiconductor Solutions today declared a billion-baht investment in Thailand to boost the nation’s stuttering economy. The announcement, which came to light on Saturday, March 30, revealed an investment surpassing 2.57 billion baht for the construction of a manufacturing factory. The manufacturing site is slated for completion by March 2025. According to reports, it will be tasked with the production…
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Thailand and UK forge economic alliance
Deputy Prime Minister Phumtham Wechayachai and Lord Dominic Johnson of Lainston CBE, along with British Ambassador Mark Gooding, engaged in a diplomatic meeting to discuss economic collaboration between the UK and Thailand. The crux of Thursday’s discussions revolved around fortifying economic ties, amplifying trade relations, and fostering investment opportunities. This pivotal dialogue laid the groundwork for signing a Memorandum of…
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Thai hotel industry resists proposed minimum wage hike
The tourism industry has voiced its concerns over the recent approval by the tripartite wage committee to increase the minimum wage to 400 baht for four-star hotels in 10 key tourism cities, beginning with the Songkran holiday. Hoteliers argue that the implementation of the wage hike is unjust as the recovery from the pandemic has been uneven across the targeted…
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Thai products flood Vietnam: Mini Thailand Week 2024
Hundreds of Thailand’s finest commodities are set to make waves in Vietnam as the third Mini Thailand Week 2024 kicks off in the seaside city of Ha Long. The event, part of Thailand’s strategic push to integrate its businesses into Vietnam’s booming economy, kicked off yesterday, March 28, at the Centre of Planning Fair and Exhibition in Ha Long, Quang…
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LiVE Fin Corp launches new S curve to capital market initiative
LiVE Fin Corp, under the aegis of the Stock Exchange of Thailand (SET), has set in motion a new initiative that seeks to bolster the potential of 60 entrepreneurial entities, startups, and small to medium-sized enterprises (SMEs) in high-growth sectors. The initiative, christened “New S Curve to Capital Market,” has been crafted in partnership with KPMG Thailand, the National Innovation…
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PM Srettha: Legalise casinos to save Thailand’s economy
Prime Minister Srettha Thavisin advocated for the legalisation of casinos to combat the shadowy underworld economy in Thailand. PM Srettha outlined his vision for a new law permitting entertainment complexes housing legal casinos, aiming to drag illicit activities into the light and bolster national revenue streams. “We have to bring the grey [underground] economy into the light to allow us…
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Thai govt accelerates Thai-European FTA negotiations
The Thai government is speeding up negotiations for the Thai-European Free Trade Association (EFTA) to conclude within the current year. This information followed a discussion between Commerce Minister Phuntham Wechayachai and Swiss Ambassador Pedro Zwahlen. The minister revealed that the talks are being hastened following the policy of Prime Minister Srettha Thavisin’s administration, which desires to expand opportunities and bolster…
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Thai government explores funding for digital wallet giveaway
The Thai government is currently exploring funding avenues for its digital wallet giveaway initiative, with final decisions on the funding source set to be determined next month. Lawaron Saengsanit, the permanent secretary for the Finance Ministry, revealed that the ministry and the Budget Bureau have been assigned by the digital wallet policy committee to assess possible funding sources for the…
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Thai durians go hi-tech with Tencent
Thai trade representative Narumon Pinyosinwat held talks with a Tencent executive in Hong Kong, alongside a representative from Shanghai East Best Foreign Trade (SEBFT), a leading durian importer from China. In a post-meeting address to the press, Narumon revealed a monumental deal: SEBFT committed to purchasing a staggering 3,000 containers of Thai durians, amounting to a whopping 10 billion baht.…
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Malaysia mulls expanding rail project towards Thai border
To outmanoeuvre economic rivalry with Thailand, Malaysia is contemplating extending its mammoth rail project closer to its northern neighbour, sparking debates over prosperity or peril. Malaysia’s Transport Minister, Anthony Loke, disclosed that the government is receptive to the notion of linking the ongoing East Coast Railway Link (ECRL) with Thailand’s existing or planned rail infrastructure. The move comes amidst Thailand’s…
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Minimum wage rises to 400 baht in 10 Thai provinces
The minimum wage in selected areas of 10 Thai provinces is set to rise to 400 baht per day, as decreed by the tripartite wage committee yesterday. This new wage increase, which comes into effect on April 13, will apply to tourism-related businesses and four-star hotels with a staff of 50 or more. Pairoj Chotikasathien, the committee’s chairman and permanent…
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Hong Kong’s national security law: Foreign corporations
Corporate lawyers and consultants have revealed that foreign corporations operating in Hong Kong have been revisiting their strategies since the previous year in anticipation of the recently passed domestic national security law. Despite assurances from the city and central authorities that the legislation, dictated by Article 23 of the Basic Law, would neither disrupt operations nor negatively impact the city’s…
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Can Thailand achieve high-income status by 2037? (video)
As Thailand steers towards high-income status by 2037, a formidable obstacle looms large: rampant flooding wreaking havoc on its economy. In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy to expedite flood management, potentially transforming Thailand’s economic landscape. Read on to discover the game-changing insights and bold plans set to redefine Thailand’s future. Amid…
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Thailand’s car industry hits the brakes: Production plunges 20%
With a significant decrease in production, Thailand’s car output experienced a 19.28% year-on-year slump in February, with the total units produced amounting to only 133,690, as reported by the Federation of Thai Industries (FTI). The numbers, attributed predominantly to the reduced production of pickup trucks and increased imports of electric vehicles (EVs), starkly contrast the 12.46% dip recorded in January.…
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Thai stock market hits snooze button despite extended hours
Despite the extension of the Stock Exchange of Thailand‘s (SET) trading hours and looming interest rate cuts by the Bank of Thailand, the Thai market failed to rally yesterday. Concerns over a premature rate cut and the aftermath of a recent terrorist attack near Moscow fuelled investor anxiety. The SET yesterday, March 25, increased its trading period from 270 to…
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Thai citizens set to receive government handout by year-end
To dispense a financial lifeline, Deputy Finance Minister Julapun Amornvivat unveiled plans to ensure that eligible Thais receive a 10,000 baht handout before the year’s end. The initiative, slated to be facilitated through digital wallets, hinges on a decisive timeframe to be determined by the digital wallet committee. Speaking confidently yesterday, March 25, the minister expressed optimism that the committee,…
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